my rural NH town has 13 listings. 3 of these are for land, 1 is for a house that hasn't been built yet. 9 houses for sale in a town of 2,600 households 0.3% of inventory available can't find hard stats on what "normal" is, but I think this is way below normal https://twitter.com/DavidSchawel/status/1358805434749095938 …
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IFF individual add to the inventory. That prolly drives modellers crazy... if everyone stands pat, suddenly...
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Two guesses on reasons: 1. Time; if prices are f(T)=X and X is my 'sell!' threshold, by the time I've gotten things together to sell, it's T+k and prices are X+(f(T+k) - f(T)), so supply lags somewhat.
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2. Non-supply-and-demand factors; if my house would sell for +$100k, but all the other houses around me are also +$100k and I don't want to move elsewhere, it's a wash.
End of conversation
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I would guess that the real estate market would be one you'd expect to take longest to equilibrate people don't pick up and move at the drop of a hat, and building houses takes a while
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